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Online Poker Taxes Will Come Due
30th 2006f March 2006
If you play online poker you make wonder if you need to declare your winnings, if you are fortunate enough to win, to the IRS. You do if you pay taxes in the US, as the United States Government requires you to declare all income, regardless of where in the world it came from. Just because your favorite online poker room is based on the Isle of Man does not mean the money they pay you is tax free.
While you should always consult with a tax advisor, you should be aware that you will need to pay taxes on gambling winnings. If you wonder how the IRS would even know you were getting the cash, consider what would happen if you were audited; the IRS would like to ask you about all those bank deposits when they pull your records.
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